How many half eaten cakes would you have to return to monetarily make up for, say, a PC or washing machine that stops working after 4 ½ years? Because you can get that device replaced or repaired in much of Europe, for free. I'm not aware of any US company that offers such a warranty window and actually keeps its word (look at crappy fridges where the company will replace one faulty unit for another with the same problem once, and then you're on your own). And even if some did, they are by far the minority. The voluntary "I'm a good brand, choose me" freebies offered by a company will almost never outmatch that mandated by regulation.

The reason is simple: the companies have a fiduciary responsibility to make as much money for shareholders as possible, and if it's marginally cheaper to shorten the warranty period (whithouth seeming out of touch with the rest of the market), the bulk will choose that. Whereas the aim of regulation is always to secure the interest of the consumer. I say "always", but there are exceptions in cases of regulatory capture, which admittedly is much of the US...